Small businesses; implementation of certification programs, report. (HB971)

Introduced By

Del. Alfonso Lopez (D-Arlington) with support from co-patron Del. Chris Peace (R-Mechanicsville)

Description

Department of Small Business and Supplier Diversity; implementation of certification programs for small businesses; definition of small business; report. Changes the definition of small business, beginning July 1, 2017, to meet the small business size standards established by the regulations of the U.S. Small Business Administration. The bill provides that any business entity that the Department of Small Business and Supplier Diversity (the Department) has certified as a small business prior to July 1, 2017, shall have such certification extended for a three-year period. The bill also provides that the Director of the Department adopt regulations that will, beginning July 1, 2017, establish a three-year certification period for small businesses to be based on the dominant business activity of each small business entity. The bill (i) includes a definition of "dominant business activity"; (ii) provides for the Department, the Virginia Department of Taxation, and the Virginia Employment Commission to enter into a Memorandum of Understanding establishing provisions for the sharing of information, consistent with the requirements of state and federal law; and (iii) requires the Secretary of Commerce and Trade to evaluate the effect of the implementation of the new definition at three-year intervals, reporting to the Governor and General Assembly by December 1, 2020, and December 1, 2023. Read the Bill »

Outcome

History